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Bank of Canada Governor Mark Carney will succeed Mervyn King as head of the Bank of England next year, the UK government announced Monday.

In a major coup for Chancellor of the Exchequer George Osborne, Carney will succeed King when he retires in June.

Carney is one of the world's top central bankers. As head of the Financial Stability Board, he is tasked with implementing the regulatory agenda of the Group of 20 leading industrialised and emerging economies.

"He is the most outstanding central banker of his generation," Osborne said.

Osborne added that Carney will serve as BoE governor for five years, three years less than the maximum term.